Crypto News Today (17/05/2022)
EY is one of the four largest accountants, announced an online service for tracking supply chains named OpsChain Supply Chain Manager on Nightfall -which is an Layer 2 Ethereum blockchain co-developed in collaboration with Polygon.
The two companies have launched Nightfall’s beta version today, and also launched OpsChain Supply Chain Manager as one of the first apps to help businesses track their supply chains.
The method OpsChain will function is by allowing companies to create fungible and intangible tokens (NFTs) that can be used on Nightfall. Instead of being cryptocurrencies the tokens will serve as the inventory and assets of companies which can be tracked by Nightfall. Nightfall blockchain. The transactions and data generated on behalf of OpsChain customers will become less expensive and quicker as they’re not happening on the primary Ethereum blockchain however, they’re over it, on a different layer.
OpsChain utilizes Nightfall’s zero-knowledge (ZK)-proofs, a method of verification that lets you speed up and reduce the cost of blockchain transactions and also ensures security. This means that the actual information about transactions is encrypted.
According to EY the company, the Nightfall-based OpsChain can be used as an instrument to assist companies manage and monitor their supply chains using the Nightfall blockchain.
“Managing complex operations across company boundaries is a significant step in the right direction. EY OpsChain Supply Chain Manager greatly expands the range of possible use cases for customers to think about,” said James Canterbury the chief and blockchain expert at EY.
Although experts have for a long time advocated the advantages of using blockchains for tracking supply chain however, the lack of privacy in transactions using blockchains has held back its widespread adoption. But, since OpsChain employs polygon nightfall’s ZK verification, EY says it’s going to help in protecting the privacy of sensitive information and therefore it is a good fit for the software used in the supply chain market.